September 1, 2021 | 12:01 am

APOLLO Global Capital, Inc. completed its follow-on offering (FOO) on Tuesday, raising P988 million from the sale of 12.35 billion shares for eight centavos each.

It listed follow-on shares at the Philippine Stock Exchange (PSE).

“Now that this FOO has jumpstarted the company’s quest to commence operations, I hope that all other factors will fall into place because the company’s investors have long-awaited and deserve positive developments on this front,” PSE President and Chief Executive Officer Ramon S. Monzon said during the listing ceremony.

According to its prospectus dated Aug. 13, the company will be using the majority of the proceeds from the follow-on offer to acquire a 49% stake in Poet Blue Ocean Pte Ltd. Proceeds will also be used to buy environmental and ecological mitigating measures, equipment and insurance as well as for its general corporate purposes.

Singapore-based Poet Blue Ocean owns the MB Siphon Vessel 1, which will be used for the offshore mining activities of Apollo Global subsidiary JDVC Resources Corp.

The MB Siphon Vessel 1 is estimated to start its operations on or before the end of April next year, subject to weather conditions and once all the necessary environmental protection equipment and ecologically balanced offshore mining protective gears have been procured.

“The procurement of the required equipment will normally take four to five months which will be sourced from China and Japan,” the company said in its prospectus.

On Tuesday, shares of Apollo Global at the stock market declined by 4.39% or P0.005 to close at P0.109 each. — Keren Concepcion G. Valmonte

source: https://www.bworldonline.com/apollo-global-completes-p988-m-follow-on-offering/